Low interest rate on Bulgarian mortgages

Piraeus Bank London, the local branch of one of Greece’s largest and most successful banking institutions, Piraeus Bank, is pleased to announce that UK and Irish residents and expatriates who retain a bank account in the UK can now enjoy interest rates as low as 6.5% on Bulgarian mortgages.

At present the lowest rate available in the UK is 7% however Piraeus Bank London have recognised that demand for second homes and investment properties in Bulgaria remains high. Irini Tzortzoglou, Head of Retail Banking, comments, “Piraeus Bank was the first to offer mortgages on Bulgarian property to UK and Irish residents in late 2004 and since the introduction of our euro mortgages we have seen a dramatic rise in interest. The market has changed from attracting only the most intrepid of investors to those seeking holiday homes, be they on the coast or in the mountains, buy to let properties or chic city pads.”

In addition to the lower interest rate, the new terms available include:

up to 75% loan to value (LTV)
up to 60% for land (with planning permission)
an interest only product for 10 years
repayment term of 5 – 25 years
the maximum age at repayment date of 70 years
off plan product available where the developer is financed through Piraeus Bank Bulgaria
up to 30% of projected and 40% of existing rental income taken into account

Irini Tzortzoglou comments, “Piraeus Bank is increasingly being recognised in the UK for its specialist mortgage service and for helping buyers throughout the purchasing process. We understand that purchasing a property for most people is a life changing decision, we want to ensure that buying is easy and hassle free.”

For more information about the new lower interest rate, visit piraeusbank.co.uk.